Fitch Withdraws Ratings on Clifton Street Finance Limited

2008-08-20 23:45:04 -

- Fitch Ratings has withdrawn the ratings on the following classes of Clifton Street Finance Limited, effective immediately:

--EUR53,250,000 class A1 'BBB-';

--EUR48,750,000 class A2 'BB';

--EUR37,500,000 class B 'B';

--EUR32,000,000 class C 'CCC';

--EUR30,000,000 class D 'CC';

--EUR17,500,000 class E 'CC';

--EUR15,000,000 class F 'CC';

--EUR15,000,000 class G 'CC';

--EUR12,000,000

class H 'CC'.

The issuer announced noteholder approval of an amendment removing Fitch as a rating agency from certain documents of the transaction. As a result of this amendment, Fitch does not expect to receive future reporting for this transaction.

Fitch's policy on withdrawing ratings is to take into consideration whether it has access to sufficient information in assessing the credit quality of the notes. If Fitch decides to cease providing ratings, it will withdraw the ratings using the most current methodology and opinion on the credit risk of the notes. In this case, Fitch has decided to withdraw its ratings on these notes.

Fitch released its updated criteria for corporate CDOs on April 30, 2008.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, Chicago
Derek Miller, 312-368-2076
Aaron Hughes, 312-368-2074
Sandro Scenga, 212-908-0278
(Media Relations, New York)